Call to boost UAE-Armenia trade ties

posted on 22/04/2002: 761 views

The economies of the UAE and Armenia have many things in common and both sides should work hard to co-operate in the fields of trade and industry with a view to achieve rapid developments in various sectors, said the visiting Armenian President Robert Kocharian during his talks with top officials of the Abu Dhabi Chamber of Commerce on Saturday evening. Mohammed Omar Abdullah, in his welcome speech, read out on behalf of ADCCI President Saeed Saif bin Jabr Al Suweidi, called on Armenia to carry out a close study of the economic and trade relations between the UAE and Armenia and take swift measures to improve them.

Quoting figures, Abdullah said that the trade between the two countries was very low during the last three years and this trade is generally oil related. He offered full co-operation from the ADCCI in projecting the facilities Armenian businessmen can enjoy in Abu Dhabi as well as passing on the information about Armenian economy and the investment opportunities available there to the UAE businessmen.

President Kocharian said that analysis of economic structures of the UAE and Armenia would show that many things are in common and both the countries are not in competition. He said that the Armenian economy was developing fast and in the year 2001 its GDP increased by 9.6 per cent, industrial production by 8.7 per cent and exports by 15 per cent. At the same the inflation was 3.1 per cent, he added. He said that Armenia is on fast track in privatisation and more than 75 per cent of the economic establishments were in private hands, adding that there was good scope for private investments in roads, aviation, irrigation, power and communication sectors. (The Emirates News Agency, WAM)